College Retirement and Insurance Plans

College Retirement and Insurance Plans

College Retirement and Insurance Plans

College Retirement and Insurance Plans

Excerpt

This book will fill a real need. Any college or university president who has not established retirement and insurance plans for members of his staff will find here the arguments for doing so that should convince the most conservative board, and a guide for the formulation of such plans that will be enormously useful. Those who have plans already in operation will find many suggestions for their improvement. Thus every administrator of an institution of higher learning should not only read the volume, but should keep it near by for reference in answering the many questions which arise in dealing with the retirement and insurance problems of the staff.

While a large proportion of the colleges and universities of the United States and Canada have plans for the retirement of the professors, relatively few make provision for the nonacademic staffs of the institutions. Methods of handling that problem are discussed and the reasons for including the latter group are clearly set forth. In view of the social security laws that compel business and industry to provide for their employees, it is becoming more and more obvious that institutions which are not covered by these laws must make some provision for all their workers.

The section dealing with the adequacy of plans now in force is worthy of careful consideration by all institutions. Decline in interest rates and the increase in life expectancy noted in the last few years have resulted in materially lowering the income of annuity reserves. This means that the 10 percent of salary contributed by the individual and the institution, which prevails in most colleges and universities, will no longer suffice to meet the retirement needs of the individual. The alternatives possible in meeting this situation are presented in a clear and helpful light.

Apart from the many specific suggestions useful to one who has to formulate or operate retirement and insurance plans, the background which Mr. Greenough gives of the movement to provide retirement income and survivor benefits warrants reading the volume, if only to get a general picture of what has taken place in the last half-century . . .

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